Deutsche Bank analyst Bryan Kraft upgraded Netflix to Buy from Hold with a price target of $350, up from $270, following last night’s results. The analyst now sees visibility into a subscriber growth inflection point next year given that Netflix management has confirmed both the early 2023 introduction of its new measures designed to better monetize account sharing, and the early November timing of its advertising-based video on demand tier launch in 12 top markets. The 100M “account borrowers” Netflix has counted represent a clear and present growth opportunity that Netflix will soon be in a position to exploit, Kraft tells investors in a research note.
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